Terra Classic (LUNC) Among Top Performers, Up 22% in the Past Week. Here’s Why

LUNC, the native token of the Terra Classic blockchain, was among the top performers in the past week as the asset rose nearly 30% amid the current bearish state of the crypto market.

Given that many positive developments keep emerging in the community, investors’ interest in the embattled crypto project continues to rise significantly. This is evident in the massive accumulation of LUNC in the past week. 

According to data on the leading crypto price-tracking platform Coinmarketcap, LUNC saw an increase of roughly  26% in the last 7 days. This led to the 38th-largest cryptocurrency reclaiming its $1 billion market cap on Monday after staying below that valuation for more than two weeks. 

However, following the 1.22% decline in Bitcoin (BTC) price to the $16,600 level in the past 24 hours, LUNC has dipped by roughly 12% in the past 24 hours and it is trading for $0.0001608 at press time. Consequently, Terra Classic, which currently ranks above EOS and Pax Dollar, saw a decline in its market cap yet again from $1 billion to $958,505,778, at the time of writing. 

While LUNC trades at this low level, the community continues to introduce actions that would further bolster the price of LUNC. Recently, a proposal to cancel the reward policy rate of 0.5 as well as revoke the reminting of 50% of all burn transactions in a given epoch into the community pool at the end of the said epoch passed governance voting. 

Likewise, the Terra Rebels group is on the course of building a LUNC wallet application called Rebel Station that would be independent of the TerrForm Labs infrastructure.

Also, it is worthy of note that the Machine Learning algorithm on a popular blockchain analytics platform, which utilized several indicators like Moving Average, Relative Strength Index, and many others predicted that LUNC would rise massively in January 2023.

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